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Understanding Dom's Game: A Classroom Bidding Experience

Dom's Game challenges students to bid on the chance to play a coin toss game where they can win $20. This innovative classroom activity explores concepts of risk, bidding strategies, and probability. Students must submit sealed bids with a minimum of $0.50 increments starting at $50. The winner plays against Dom, guessing heads or tails for a chance to win. Through analyzing bidding behavior, students consider factors influencing their maximum willingness to pay. Comparison is made with Howard’s Game, where open bids lead to different dynamics.

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Understanding Dom's Game: A Classroom Bidding Experience

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  1. Dom’s Game Dom Mazzone EMBA CL 2007

  2. Dom’s GameHow the Game is played • Coin on top of desk has been tossed before class and is covered. It is unknown whether the coin is showing “Heads” or showing “Tails” • You selects “Heads” or “Tails” and if you are correct you wins $20 (from Dom) • Questions - Write your answer in your notes • Question 1 – Would you be willing to give Dom $1 to play this game? • Question 2 – What is the maximum you would be willing to pay Dom to play this game?

  3. Dom’s GameBidding to play • The whole class bids to see who will play Dom’s Game. • Everyone in class bids via a sealed bid • Write Name and Amount Bid on sheet of paper to be turned in • Minimum bid is $.50 and bids can only be in $0.50 increments • There is only one winner (otherwise Dom risks a lot of money!) • The winner is determined by the highest bid. • In the event of a tie for the highest bid then the winner is chosen by lottery among those with the highest bid. • Person who wins bid pays Dom the amount of the bid and then gets to play Dom’s game. • (Choose heads or tails and if correct wins $20 from Dom. If incorrect Dom keeps $20.) • Let the bidding begin ….

  4. Dom’s Game:Questions/observations to consider • What were the bids that students made? • Maximum • Minimum • Averages • Mean • Median • Mode • What affects the maximum amount you are willing to bid in order to play this game?

  5. Howard’s Game • Howard is going to offer a $20 bill up for sale through a standard open auction process. (Players bid against one another announcing their bids openly. Bids are not sealed). • The highest bidder wins the $20. • Note that I am more generous than Dom since I will DEFINITELY give the $20 away whereas Dom is giving it away only half of the time. • Both the highest and 2nd highest players must give Howard the amount of their last bids! • My generosity is offset by my greed at collecting the top 2 bids) • Let the bidding begin…

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